Real-time payments and open banking startup Volt is introducing a bank account authentication service for online merchants and businesses, according to a press release Thursday (June 23).
Volt is launching the Verify service in the United Kingdom as well as in Ireland, France, the Netherlands, Germany and Austria. Before 2022 is over, the startup is planning to roll out Verify to additional European markets.
With Verify added to its product suite, Volt offers account information services (AIS) alongside payment initiation services (PIS), covering the full spectrum of open banking services in Europe, according to the release.
See also: Crypto Payment Firm Mercuryo, Volt Partner to Launch Open Banking Transactions
“Verify’s ultrafast capability eliminates the complexity of the verification process and reduces additional steps,” said Aleksandra Petera, product owner, Verify at Volt. “It is a great alternative to using microtransactions, which cause delays in the verification process and user drop-off at checkout, a major source of lost revenue for merchants and companies in the digital economy.”
The new product aims to automate, strengthen and simplify the verification process for customer bank account ownership. Verify works with businesses across markets and sectors and enables merchants to provide a frictionless user experience at checkout.
The solution also supports and strengthens existing fraud prevention and regulatory compliance defenses, per the release.
Read more: State of Open Banking in Europe, Africa and the Middle East
German-based IT services and data company Sideos was one of the first to use Volt’s Verify product.
“Our mission at Sideos is to be the essential platform enabling enterprises to manage the digital identity of people and objects in the Web 3.0,” co-founder and CEO Marcus Naserek said in the release. “Volt’s account authentication product Verify provides a powerhouse solution that gives people a real-time shopping experience using their verified bank account in a very convenient way.”
Verify uses a single redirection authentication method, and will support additional authorization methods in the future.
Related: REPORT: Two-Thirds of US Digital Banking Customers Choose Security Over Convenience
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